State Revenue Down Millions, Will Healey Admin Wake Up?
Beacon Hill leaders are optimistic that they can close the revenue gap without dipping into the rainy-day fund. I am pessimistic.
Who could have predicted state revenues would be “unexpectedly” down?
Unless you are clairvoyant, there was absolutely no way to predict state revenue would decrease. Nope. None. Zip.
A gallon of gas increasing 35 percent in cost would not be any sort of possible economic indicator of potential problems on the horizon. Rents rising 31 percent, eggs up 26 percent, and cereal jumping 24% would not be any sort of warning.
While electricity has increased 22% at the national level, here in the People’s Republic it is only up 55%. Why would that possibly be a problem for our economy?
Who could have predicted people facing this sort of out-of-control inflation would cut back on eating out and buy fewer products, causing state revenue to go down?
Who could have predicted that those 1100 economic refugees fleeing Massachusetts every week could have resulted in less tax revenue?
The only people who did not see that state revenue would start to decrease are the economic geniuses on Beacon Hill. They are so dumb to have missed the downturn that they need an economic warning app on their phones like their weather app issues whenever there is a tornado or flash flood.
According to the Healey administration, the state is half a billion dollars short in tax projections. I know that is a shocker.
If only there was a way to save wasteful money to make up for the shortfall. Oh wait. There is one. Repeal the Right to Settle law and kick out all the illegal aliens flopping in free hotel rooms, living large off room service, not to mention free health care and EBT cards on our dime.
According to State House News, tax collections are $454 million below original predictions used to craft the state budget, and $605 million below projections by the Healey administration. Maybe the State House should not have increased the state budget 6.2 percent this year! Since COVID, our state budget has grown 40 percent going from $40 billion to now a whopping $56 billion.
Are the services any better for that extra $16 billion? Maybe for illegal alien from the Third World, but not for anybody who works for a living and obeys the law.
Beacon Hill leaders are optimistic that they can close the revenue gap without dipping into the rainy-day fund. I am pessimistic. Not only does this kill the tax reform package promised 16 months ago (which they see as a silver lining), but they will probably come to for us for a tax increase. What will it be?
Is this when they start to lower the threshold for the so-called millionaire’s tax? My prediction is that they will wait a year on that one. Most likely they will go after (the non illegal alien) drivers, because they hate anyone who drives or works for a living.
Brace for impact.
